Posted Sep 29, 2022, 10:40 AMUpdated on Sep 29, 2022 at 10:44 am
Successful start for Porsche on the stock market. The action of the German luxury car manufacturer, which takes its first steps this Thursday in Frankfurt, took off at 84 euros, above the introductory price set at 82.50 euros. A movement that values the group at more than 76 billion euros.
On Wednesday evening, Volkswagen set the reference price for the IPO at the top of the range, which was 76.50 to 82.50 euros. Issuance volume makes it the second largest IPO in Germany, after Deutsche Telekom in 1996, and the largest in Europe since 2011 with Swiss commodities giant Glencore.
“A big dream is coming true for Porsche,” commented Oliver Blume, boss of Porsche and Volkswagen, parent company of the sports car group, in a press release. “Porsche, one of the most successful sports car manufacturers in the world, is entering a new era with increased entrepreneurial flexibility,” added the CEO.
billions for electricity
Volkswagen will collect a total windfall of around 19 billion euros, half of which will be used for investments in electricity with six battery cell factories planned in Europe and software for electric and autonomous vehicles.
The Wolfsburg group, whose title has lost 23% since January, also hopes that the partial sale of Porsche will inflate its capitalization by some 84 billion euros. A fraction of what its American rival Tesla weighs, valued at 900 billion dollars.
With agencies
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